Person to person virtual cash transfer transaction using mobile phones

A person to person cash transfer transaction method using mobile phones comprising the steps of:

• Sender with virtual cash in his mobile cash account;
• sender keys in the amount of virtual cash that is being transferred to the recipient and the sender's Personal Identification Number (PIN and sends SMS to 2882+the 10 digit mobile number of the recipient;
• sender sending a transfer command to the recipient containing the transfer amount sender's PIN, and the recipient's mobile number.
• telco verifies (20) if the sender's mobile phone cash account has sufficient balance to effect the transfer of the amount of virtual cash being transferred;
• telco deducts the sender's mobile phone cash account with the amount of virtual cash to be transferred and credits the same amount to recipient's mobile phone cash account;
• sender gets SMS acknowledgment with confirmation number from telco that his mobile phone cash account has been deducted in the amount of virtual cash transferred to the recipient;
• recipient receives SMS acknowledgment with confirmation number from telco that his mobile phone cash account has been loaded with virtual cash in the amount transferred by the sender;
• recipient if registered may now use the virtual cash for any financial transaction.